Bitcoin experienced increased volatility on June 30th as traders anticipated significant price movements for BTC.
BTC/USD reached intraday highs of $61,668 on Bitstamp, recovering from earlier lows of $59,950. There was uncertainty about BTC price support, but bids appeared below the spot price as the weekly, monthly, and quarterly candle close approached.
Popular trader Daan Crypto Trades noted that over $500 million in bids were placed below the price, although most of them were pulled. Open interest was also increasing, indicating shifts in order book liquidity.
According to monitoring resource CoinGlass, $60,583 was identified as the key downside liquidity level, while there were bids extending towards $59,500. Liquidity to the upside increased as the price exceeded $61,600.
Despite a 2.6% decrease in the week’s performance, Michaël van de Poppe, the founder and CEO of trading firm MNTrading, remained optimistic about BTC’s price performance. He predicted a positive weekly candle for Bitcoin.
The Q2 performance remained weak overall, with Bitcoin down 13.8%, and June alone accounting for 8.9% of the losses.
One Bitcoin bull had to delay his near-term BTC price target due to the ongoing sluggish performance. Popular trader BitQuant admitted that his prediction of BTC/USD reaching $95,000 was no longer likely. However, he maintained that nothing has fundamentally changed and still believed that Bitcoin would eventually reach his target.
It’s important to note that this article does not provide investment advice or recommendations. All investment and trading decisions involve risks, and readers should conduct their own research before making any decisions.